Is the DC metropolitan area still considered recession-proof? (Crofton: house prices, live in)

[xyzpdq]

How's the economy in the DC metropolitan area? Is the nation's capitol region a haven from the recession?

[oneworld25]

I don't think any part of the country will be able to completely escape the recession. However, given that so many of the DC area's jobs are government jobs, the area will probably not be hit as hard.

[engine750wife]

Originally Posted by oneworld25

I don't think any part of the country will be able to completely escape the recession. However, given that so many of the DC area's jobs are government jobs, the area will probably not be hit as hard.

There isn't ANYWHERE in the USA right now that is "recession proof".

[bunky3301]

Yes for the most part the DC area will always be somewhat recession proof. Inflation hits everywhere , not necessarily recessions.

[Grizzmeister]

Some of my friends who still live in Crofton, MD tell me they’ve seen house prices drop by as much as 20% from their peak.

Remember folks, this isn’t your typical recession; this is a result of a reckless lending spree which inflated house prices at double digit percentages. Remember also the common wisdom, whatever goes up must come down or for the more intellectual types, for every action there is an equal and opposite reaction.

Compounding the issue of supply versus demand is the fact that many government workers in the area are also Baby Boomers who will be retiring in droves with the next three years. Many of those people will want to divest themselves of their relatively large home and downsize for more manageable utility cost. It ain’t over yet, not by a long shot. The problems in the housing market didn’t happen overnight and they won’t correct themselves overnight either.